Occidental Petroleum (NYSE:OXY) Price Target Raised to $22.00

Occidental Petroleum (NYSE:OXY) had its price objective increased by Credit Suisse Group from $21.00 to $22.00 in a research report released on Tuesday, Analyst Price Targets reports. The brokerage currently has an underperform rating on the oil and gas producer’s stock.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley increased their price objective on shares of Occidental Petroleum from $31.00 to $32.00 and gave the company an equal weight rating in a research note on Monday, April 26th. Mizuho upgraded shares of Occidental Petroleum from a neutral rating to a buy rating and upped their price target for the company from $11.00 to $26.00 in a research report on Tuesday, January 12th. Wolfe Research restated an underperform rating and issued a $20.00 price target on shares of Occidental Petroleum in a research report on Monday, April 19th. MKM Partners upgraded shares of Occidental Petroleum from a neutral rating to a buy rating and set a $32.00 price target for the company in a research report on Tuesday, April 20th. Finally, Truist Financial upped their price target on shares of Occidental Petroleum from $11.00 to $25.00 in a research report on Thursday, January 21st. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the stock. Occidental Petroleum currently has an average rating of Hold and a consensus target price of $24.44.

Shares of NYSE:OXY opened at $25.10 on Tuesday. The company has a market cap of $23.43 billion, a price-to-earnings ratio of -1.46 and a beta of 2.35. The company has a debt-to-equity ratio of 3.56, a current ratio of 1.02 and a quick ratio of 0.86. The firm has a 50 day simple moving average of $25.66 and a 200 day simple moving average of $21.71. Occidental Petroleum has a one year low of $8.52 and a one year high of $32.52.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings data on Sunday, May 9th. The oil and gas producer reported ($0.15) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.18. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.64 billion. Occidental Petroleum had a negative net margin of 76.17% and a negative return on equity of 15.55%. The firm’s revenue was down 20.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.52) EPS. As a group, analysts expect that Occidental Petroleum will post -3.74 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Thursday, June 10th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend is Wednesday, June 9th. Occidental Petroleum’s dividend payout ratio is presently 2.76%.

In other Occidental Petroleum news, major shareholder Carl C. Icahn sold 2,600,000 shares of the firm’s stock in a transaction on Wednesday, March 31st. The shares were sold at an average price of $26.88, for a total value of $69,888,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Carl C. Icahn sold 3,500,000 shares of the firm’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $25.60, for a total transaction of $89,600,000.00. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Profund Advisors LLC lifted its stake in shares of Occidental Petroleum by 26.2% in the first quarter. Profund Advisors LLC now owns 44,874 shares of the oil and gas producer’s stock valued at $1,195,000 after buying an additional 9,314 shares in the last quarter. MML Investors Services LLC lifted its position in shares of Occidental Petroleum by 16.6% during the first quarter. MML Investors Services LLC now owns 17,944 shares of the oil and gas producer’s stock valued at $478,000 after purchasing an additional 2,554 shares in the last quarter. NWI Management LP bought a new position in shares of Occidental Petroleum during the first quarter valued at about $7,986,000. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Occidental Petroleum by 4.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 862,171 shares of the oil and gas producer’s stock valued at $22,951,000 after purchasing an additional 37,556 shares in the last quarter. Finally, Pinebridge Investments L.P. lifted its position in shares of Occidental Petroleum by 5.9% during the first quarter. Pinebridge Investments L.P. now owns 140,534 shares of the oil and gas producer’s stock valued at $3,741,000 after purchasing an additional 7,819 shares in the last quarter. 66.64% of the stock is currently owned by hedge funds and other institutional investors.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. The company operates through three segments: Oil and Gas, Chemical, and Marketing and Midstream.

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